Correlation Between SPDR Series and DISNEY
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By analyzing existing cross correlation between SPDR Series Trust and DISNEY WALT NEW, you can compare the effects of market volatilities on SPDR Series and DISNEY and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in SPDR Series with a short position of DISNEY. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPDR Series and DISNEY.
Diversification Opportunities for SPDR Series and DISNEY
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SPDR and DISNEY is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding SPDR Series Trust and DISNEY WALT NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DISNEY WALT NEW and SPDR Series is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on SPDR Series Trust are associated (or correlated) with DISNEY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DISNEY WALT NEW has no effect on the direction of SPDR Series i.e., SPDR Series and DISNEY go up and down completely randomly.
Pair Corralation between SPDR Series and DISNEY
Given the investment horizon of 90 days SPDR Series is expected to generate 12.83 times less return on investment than DISNEY. But when comparing it to its historical volatility, SPDR Series Trust is 89.53 times less risky than DISNEY. It trades about 1.15 of its potential returns per unit of risk. DISNEY WALT NEW is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 8,734 in DISNEY WALT NEW on October 21, 2024 and sell it today you would earn a total of 396.00 from holding DISNEY WALT NEW or generate 4.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
SPDR Series Trust vs. DISNEY WALT NEW
Performance |
| Timeline |
| SPDR Series Trust |
| DISNEY WALT NEW |
SPDR Series and DISNEY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPDR Series and DISNEY
The main advantage of trading using opposite SPDR Series and DISNEY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPDR Series position performs unexpectedly, DISNEY can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in DISNEY will offset losses from the drop in DISNEY's long position.| SPDR Series vs. WisdomTree Floating Rate | SPDR Series vs. iShares 0 3 Month | SPDR Series vs. SPDR Bloomberg 1 3 | SPDR Series vs. iShares Treasury Floating |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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